Our team at Recoop is thrilled to announce that we’re expanding our services into Florida as of July 28. This means that now homeowners and renters in 42 states (including Washington D.C.) have access to Recoop’s first of its kind multi-peril disaster insurance that picks up where traditional policies stop.
This strategic expansion is not only a pivotal move for us but also the residents of Florida, as the state led the U.S. in 2022 by racking up $116 billion in damage caused by severe weather.
Our expansion also comes on the heels of other insurance providers recently announcing that they’re moving out of the state or scaling back the policies they offer significantly in an attempt to limit their risk exposure. They have pointed to climate change as the major factor increasing the strength, severity and frequency of disasters such as hurricanes, which are a known peril to hit Florida.
With that said, peak hurricane season is right around the corner, and experts predict 18 named storms to hit the Atlantic seaboard this year. With this severe weather risk on the horizon, it’s made for an uncertain time for residents who want to protect themselves for whatever Mother Nature’s throws their way.
While folks still need an underlying homeowner or renter policy, we’re proud to expand our offering into Florida to cover the gaps left by traditional insurance. We’re here to step up and empower a safer future for individuals, families, and businesses in the Sunshine State.
Disaster Insurance Fills the Gaps
Disasters can happen anytime, anywhere, and can affect an overwhelming amount of people. In fact, about 90% of U.S. counties has been affected by a federally declared disaster in the last 10 years. To double down even further, natural disasters in 2022 caused $165.1 billion in damages across the United States – that’s a lot of dough.
Many homeowners may assume that they can mitigate the financial risks from severe weather with their traditional homeowner’s policy in place; however, there are often coverage gaps that go overlooked and create financial blind spots that can impact a homeowner’s financial resilience and peace of mind. Typical home insurance policies are not designed to cover all types of disasters meaning that costly damages from storm surge caused by hurricanes is usually left off the list.
To help, disaster insurance acts as a safety net that protects homeowners from financial ruin in the event that their current policy doesn’t cover everything, is slow to kick in or comes with a pricey deductible. Studies show that the average home is underinsured by 22%, with some underinsured by 60% or more because most policies look at the market value of the home instead of its replacement value. That means the funds from an insurance payout won’t be sufficient enough to replace or repair the property fully after a disaster. Homeowners are then left holding the bag to cover the difference.
Consumers also have to be aware that disaster deductibles can be steep – not to mention inconsistent. They can range anywhere from 2% to 25% of the home’s insured value. So, if a $400,000 home with a 5% hurricane deductible sustains damage, the policyholder could be stuck footing a $20,000 before the policy kicks in.
How Recoop Works
If you’re a Florida resident and interested in signing up for disaster insurance, here’s a crash course on how Recoop works.
When you enroll, you’ll upload current photos of your home as before photos. These help speed up your claim after a disaster because it shows your home’s starting point. From there, you’ll also indicate your preferred way to receive your recovery cash. Boom, done, you’re all set up.
If disaster strikes, you can submit your claim directly online by uploading photos of the damage your home sustained.
After your claim is approved, you get paid recovery cash up to $25,000. Your flexible funds typically hit your bank account within 48 hours, and there are no stipulations on how you can use it. Recovery cash can be used to pay for repairs, cover the cost of temporary housing, you name it. It’s that simple.
At Recoop, we want to make the insurance process as stress free as possible. That’s why we deliver lightning-fast recovery cash and why we decided to assist even more homeowners across the country by expanding into Florida. We’re here to help folks restore their home post-disaster and their peace of mind knowing their financial resiliency is intact no matter what Mother Nature throws their way.